Broken Arrow officials said they will form a committee to consider the future of a proposed hotel-conference center in the Tulsa suburb after voters last month turned down an $8 million bond proposal for the facility. A separate $8 million bond proposal, to convert a military reserve center into a public safety complex, was also rejected.
The conference center was allocated $6.5 million of the proceeds from a bond program approved by voters in 2004, but the city said this year that more money was needed.
Acting city manager Dave Wooden said Stoney Creek Hospitality Corp., which said it would build the hotel if the city would build the conference center, remains interested in the project.
He said the city has spent $700,000 of the bond proceeds to finance design work on the center, but no more money would be allocated if the project is canceled.
The city’s GOs are rated A1 by Moody’s Investors Service and A-plus by Standard & Poor’s. Broken Arrow has $65.4 million of outstanding debt.
